First Time Buyer Tax Credit

First time home buyers, take notice. The $8000. tax credit offered by the Federal Government is coming to an end. You only have until December 1, 2009 to find that perfect home, make an offer, get your offer accepted and close on the purchase if you want to qualify for the tax credit. That only 4 months away.

I’ve helped several first time home buyers purchase homes over the last couple of months so that they can qualify for the tax credit. Depending on how much home you qualify to purchase, it could take you a few months to get the process completed. Especially if you need to find a home priced under $130,000.

One of my buyers has been working on purchasing a home since last fall. But we finally found a home and got her offer accepted. It wasn’t easy though. We had some credit issues to work through. When she was able to work those out, we found a home that was a short sale and she made an offer that got accepted. After nearly two months of waiting and no answer from the lender (and none on the horizon) as to whether it would be accepted, she decided to move on to a different home. Since then, she’s made an offer on three other foreclosed properties and lost out on each one when it became a multiple offer situation. We had to expand the areas where she was willing to live but we found a home that is a great floor plan for her and priced such that she’ll be paying less for her house payment than she currently is for her rent.

It was a long process but I’m so pleased that we were able to find her a home. And she’s thrilled that she’ll finally have a home she can call her own. And $8000. to spend any way she wants.

Posted In Blogroll, Real Estate News

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